FRC Publishes Questions for Actuarial Information Users
The Financial Reporting Council (FRC), the United Kingdom’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment, has published a series of questions which users of actuarial information may wish to ask themselves and their actuaries.
The sets of questions are targeted at particular user groups and cover specific areas of work, including pension scheme trustees – pension scheme funding; non-executive directors of life insurers – technical provisions and capital; and non-executive directors of general insurance – technical provisions and capital.
The questions are not exhaustive or intended to apply in every case. They do not replace specific regulatory guidance. They are intended to stimulate discussion and improve understanding of relevant issues, and thereby promote the quality of actuarial work.
Paul Kennedy, FRC’s Acting Director of Actuarial Standards, said: “We hope the questions are helpful to the specific user groups as well as other professionals such as auditors, analysts, managers, and investors; and of course to actuaries themselves who need effective dialogue and scrutiny by users of their work to support their delivery of high quality advice.”